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2006 ANNUAL REPORT Global Reports LLC OUR LOCATIONS

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2006 ANNUAL REPORT Global Reports LLC OUR LOCATIONS 2006 ANNUAL REPORT Global Reports LLC OUR LOCATIONS BIMINI NASSAU GRAND CAYMAN JOSTJOST VANVAN DYKEDYKE TORTOLA AMBERGRIS CAYE BARBADOS Grand Cayman, Cayman Islands • Ambergris Caye, Belize, Central America Bimini, Bahamas • Nassau, Bahamas • St. James, Barbados Tortola, British Virgin Islands • Jost van Dyke, British Virgin Islands Global Reports LLC ABOUT OUR LOCATIONS CONSOLIDATED WATER PROVIDES SERVICES IN A NUMBER OF GROWING CARIBBEAN JURISDICTIONS. SPECIFICALLY: Grand Cayman, located 480 miles south of Miami, Florida, is considered to be the fifth largest financial center in the world with over US$1.4 trillion on deposit in nearly 300 banks, including 43 of the world's 50 largest banks. A British Overseas Territory, the Cayman Islands are comprised of three islands: Grand Cayman, the country's capital and commercial center with approximately 50,000 residents, and the more sparsely populated “Sister Islands” of Cayman Brac and Little Cayman, located 80 miles to the northeast. The other “economic engine” of the islands is tourism which in 2006 attracted approximately 2 million visitors to Cayman's beautiful beaches and its secure, friendly environment. Consolidated Water's corporate offices are located on the famous Seven Mile Beach, where the company has been pro- viding drinking water since 1973. Barbados is a relatively flat coral island with beautiful beaches and constant trade winds wafting across the island. With a Beautiful Ambergris Caye, the largest of about 1,000 islands in population of approximately 270,000, Barbados is an inde- the northern most waters of Belize, Central America, lies just pendent sovereign nation and a member of the British west of the Belize Barrier Reef, which is the second longest Commonwealth. Visitors to Barbados enjoy a rich cultural life, barrier reef in the world. Ambergris Caye attracts tourists from art, music, nightlife, and some of the finest dining in the around the world—many of them scuba divers or sport fisher- Caribbean. men who come to explore the crystal clear waters surrounding the island. The population of Ambergris Caye—now Tortola, the most populated of the British Virgin Islands, is approaching 15,000—has more than tripled in the last decade. located in the northeastern Caribbean Sea, just east of Puerto Consolidated Water's wholly owned subsidiary, Belize Water Rico and is a world-renowned destination for yachtsmen as Limited, provides desalinated drinking water to the public well as home to several large yacht-chartering businesses. water utility on Ambergris Caye. Consolidated Water supplies desalinated water in bulk to the gov- The Biminis, located only 48 miles east of Miami, Florida, are ernment of the British Virgin Islands. The Company has also part of an island group in the Commonwealth of the Bahamas. installed and operates a desalination plant on the island of Jost Known for their outstanding sport fishing, the Biminis, in fact, van Dyke, known as the “barefoot island” because of its casual have been dubbed the “Game Fish Capital of the World.” The lifestyle and pristine beaches. Biminis are actually two islands, separated by a narrow chan- nel, and, in addition to sport fishing (popularized by Ernest Nassau, the political, tourist, and commercial capital of The Hemingway’s affection for the angling, as well as his hanging Bahamas, offers visitors amenities ranging from modern resorts out at a watering hole called “The Compleat Angler”) offer vis- and gambling casinos to picturesque Victorian mansions, itors excellent scuba diving and yachting activities. cathedrals, and 18th-Century fortresses. World-famous Cable Consolidated Water produces and distributes desalinated Beach draws tourists to its luxury hotels and expansive beach- water to the Bimini Sands Resort, a full-service marina and con- front. Consolidated Water provides desalinated water in bulk dominium development on South Bimini. to the Water and Sewerage Corporation of the Bahamas. CONSOLIDATED WATER • 2006 ANNUAL REPORT 3 Global Reports LLC U.S. Dollars in Millions Total Revenue U.S. Dollars in Millions Net Income U.S. Dollars Diluted Earnings Per Share U.S. Dollars in Millions Shareholders’ Equity at Year End 4 CONSOLIDATED WATER • 2006 ANNUAL REPORT Global Reports LLC FINANCIAL HIGHLIGHTS For the year ended December 31, 2006 (IN U.S. DOLLARS) 2006 AMOUNT CHANGE 2005 AMOUNT CHANGE 2004 AMOUNT* CHANGE Total Income (Total revenue and other income) $38,229,208 46.0% $26,187,205 12.5% $23,281,413 22.2% Net Income 7,521,126 36.4% 5,514,258 -11.0% 6,197,383 48.4% Income from Operations 7,191,991 69.7% 4,239,100 -14.9% 4,980,513 23.3% Net Cash Flows from Operating Activities 11,574,025 47.9% 7,824,572 -0.1% 7,834,268 20.4% Total Assets 138,961,343 57.3% 88,365,191 24.8% 70,825,049 3.2% Total Stockholders’ Equity 105,844,655 77.7% 59,563,079 23.1% 48,371,894 9.3% Dividends declared per share $0.24 1.1% $0.2375 3.3% $0.23 9.5% Basic earnings per share $0.60 27.7% $0.47 -13.0% $0.54 28.6% Diluted earnings per share $0.59 31.1% $0.45 -15.1% $0.53 29.3% Net Income as a % of Total Revenue 19.7% -6.6% 21.1% -20.9% 26.6% 21.4% Income from Operations as a % of Total Revenue 18.8% 16.2% 16.2% -24.3% 21.4% 0.9% Net Cash Flows from Operating Activities as a % of Total Revenue 30.3% 1.3% 29.9% -11.2% 33.7% -1.5% * Net income and income from operations include a one-time gain of $591,404 attributable to an insurance recovery associated with Hurricane Ivan. CONSOLIDATED WATER • 2006 ANNUAL REPORT 5 Global Reports LLC TRADING IN OUR SHARES 2006 2005 Shares Outstanding at Year End 14,132,860 12,181,778 Low Closing Share Price During Year $19.85 $14.20 High Closing Share Price During Year $31.32 $22.24 Closing Share Price at End of Year $24.93 $20.29 6 CONSOLIDATED WATER • 2006 ANNUAL REPORT Global Reports LLC ABOUT THE COMPANY onsolidated Water (the “Company”) was incorporated In Barbados, the Company operates, through June 2007, a plant as Cayman Water in 1973. It benefited from, and indeed that provides up to 1.3 million US gallons of irrigation water per C the availability of good drinking water assisted in pro- day for the three golf courses of the prestigious Sandy Lane Resort. moting, the explosive growth in tourism-related development in the Cayman Islands. The Company operates in the Cayman The Company owns 50% of the voting shares and has Islands as Cayman Water Ltd. and Ocean Conversion (Cayman) Engineering and Management Services Agreements with its Ltd. which, together, operate six plants to produce all the affiliate Ocean Conversion (BVI) that operates plants on Tortola piped drinking water on Grand Cayman. and Jost van Dyke and supplies water to the government of the British Virgin Islands for distribution. Design and construction In 1979, the Company was granted an exclusive 20-year franchise of a 40% capacity increase of the Tortola plant was complet- to supply the famed Seven Mile Beach tourist area. This fran- ed in November 2003 and the plant is now capable of sup- chise was replaced, in 1990, with a new 20-year exclusive fran- plying up to 1.7 million US gallons per day. A second plant, to chise for both Seven Mile Beach and the residential district of supply 700,000 US gallons per day, primarily, to the Eastern West Bay. end of Tortola was completed in 2006 and OC-BVI hopes to begin selling water from this plant in 2007. The 1990 franchise introduced a new business model which is now used throughout the Company's operations. The base Through private transactions and a tender offer, Consolidated selling price of water is fixed in the franchise which provides Water acquired approximately 91% of the issued shares of for monthly billing adjustments for changes in the cost of Consolidated Water (Bahamas) Ltd. that produces and sup- fuel and annual billing adjustments for changes in inflation. plies water to the Water & Sewerage Corporation of the The Company has a right of first refusal on the renewal of the Government of the Bahamas to distribute to Nassau and the franchise. remainder of New Providence Island. In 2006, the Company completed construction of a new plant in the Bahamas and a The Company installed its first Sea Water Reverse Osmosis (SWRO) 20-year contract and now supplies up to 11.3 U.S. million gal- plant in 1989 and, therefore, has more than 17 years of design lons of water per day in the Bahamas. insight and operational experience with this technology. SWRO is used in all the Group's operations. In late 2006, the Company began expansion of two plants on Grand Cayman that will increase its production capacity on the In July 2000, Consolidated Water acquired Belize Water Ltd. island by 1.8 million U.S. gallons per day. which supplies up to 510,000 US gallons of water per day to the operator of the distribution system on Ambergris Caye, Belize, As a result of the 2003 acquisitions, Consolidated Water now Central America. In 2003, a new 23-year exclusive supply agree- has “in house” SWRO engineering, design, construction and ment was signed with the Belize distributor. plant management and operation capability and is the exclu- sive distributor in the Caribbean basin, under a seven-year Consolidated Water moved into the Bahamian market in July of agreement, for DWEER™ energy recovery systems used in 2001 by supplying and operating a plant under a ten-year SWRO plants.
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